Magnin in Palos Verdes to Convert, Rest to Be Sold
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In a move that completes its plans for ending the operations of the I. Magnin retail chain, Federated Department Stores said Friday it will convert the I. Magnin in Palos Verdes to a Bullock’s store and sell seven remaining Magnin sites.
The phaseout of the 118-year-old I. Magnin chain was announced Nov. 18 by its parent, R. H. Macy & Co. Macy will merge later this month with Federated, which will control the disposition of the 12-store Magnin chain.
The Palos Verdes store will be the fifth Magnin to be converted to Macy or Bullock’s outlets, which remain part of the Federated group. The others are in Palm Desert, Woodland Hills, Palo Alto and Walnut Creek.
The Magnin sites to be sold are in Beverly Hills, Newport Beach, Pasadena, San Diego, Carmel, Phoenix and the original San Francisco headquarters. A catalogue warehouse in Oakland will also be sold.
Federated said it decided to convert the Magnin in the Shops at Palos Verdes mall after completing negotiations with a developer. It will reopen as a Bullock’s by Feb. 25.
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